GRAND RAPIDS, MICH. — West Side Iron and Metal is renovating a 26,341-square-foot building located at 215 Hall St. in Grand Rapids into a state-of-the-art scrap recycling facility that will serve as its headquarters. The scrap recycler purchased the 3.5-acre property adjacent to U.S. 131 in 2014. West Side currently operates out of a building located at 300 Straight St., but will be moving to Hall Street by the summer of 2016. Stan Wisinski of NAI Wisinski of West Michigan represented West Side Iron and Metal in the purchase of the building in 2014.
The office sector in the northern suburbs of Indianapolis shows clear signs of solid growth and stability with new construction and deeper tenant demand for space, particularly in the Class A segment. A number of factors contribute to this trend, including job growth, availability of land for housing and favorable demographics. Decision-makers live in the northern suburbs along with families, empty nesters and educated workers. Nearly 90 percent of all suburban office space in greater Indianapolis is located north of 71st Street in five key submarkets: North/Carmel, Keystone, Northwest, the Fishers/I-69 Corridor and Northeast/Castleton. Five I-465 interchanges define these five northern suburban office submarkets of Indianapolis, providing workers efficient access to 17.5 million square feet of office space. Through the third quarter of this year, overall occupancy in these five suburban submarkets stood at nearly 85 percent. The occupancy rate for Class A space was considerably higher at 89 percent. There are only seven blocks of contiguous office space 100,000 square feet or greater available in the suburbs and downtown — four of which are located in the northern suburbs. These spaces include 133,000 square feet at Two Concourse, 10194 Crosspoint Blvd.; 113,000 square feet at the former Charles Schwab …
ROMEOVILLE, ILL. — Morgan/Harbour Construction has broken ground on a 28,928-square-foot medical office building for Presence Health Group in Romeoville, approximately 30 miles southwest of Chicago. The Presence Senior Healing Arts Pavilion will be located at 500 S. Weber Road. The facility will include a full imaging suite with MRI, CT, X-ray, mammogram, ultrasound and bone density capabilities. The building will also feature 26 exam and procedure rooms, physical therapy training facilities, labs, treatment rooms, private offices and a cafe. Construction is slated for completion in summer 2016. Hammes Co. is the project manager, and Jensen & Halstead Ltd. will provide architectural services.
CLEVELAND — Cohen Financial has arranged a $14.5 million bridge loan for a parking structure in Cleveland. Huntington Garage is a 1,100-stall structure that is located at 999 Chester Ave. in downtown Cleveland. Dan Rosenberg of Cohen Financial secured the bridge loan with Prime Finance Partners for the undisclosed borrower.
LAKEWOOD, EUCLID AND WICKLIFFE, OHIO — Pillar has originated $9.1 million in Fannie Mae refinance loans for three apartment properties in Ohio. Joe Markech and Brooke Jackson of Pillar originated the three fixed-rate, 12-year loans that include a 30-year amortization schedule. Mayfair Apartments, a 144-unit building located in Lakewood, a western suburb of Cleveland, received $5 million in refinancing. Pillar also originated a $1.8 million loan at 65 percent loan-to-value for Euclid Terrace Apartments in Euclid, a northeastern suburb of Cleveland. The property consists of four two-story buildings totaling 91 units. The buildings were built in 1958 and 1964. Wickliffe Gardens & Manor also received a $2.2 million loan at 65 percent loan-to-value from Pillar. Located in Wickliffe, a northeast suburb of Cleveland, Wickliffe Gardens is a 55-unit building and Wickliffe Manor is a 26-unit apartment property.
WEST ALLIS, WIS. — The Dickman Company Inc./CORFAC International has arranged the sale of four industrial buildings totaling 240,000 square feet in West Allis, a Milwaukee suburb, for an undisclosed price. Stag West Allis LLC purchased the buildings from 114th St West Allis LLC and 114th St Acquisition LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Cale Berg of The Dickman Company Inc./CORFAC International brokered the transaction. The assets are located at 2025, 2075, 2145 and 2207 S. 114th St.
FARMINGTON HILLS, MICH. — Lee & Associates has brokered the sale of a 187,235-square-foot industrial building in Farmington Hills, approximately 25 miles northwest of Detroit, for an undisclosed price. The building is located at 23333 Commerce Drive and was constructed in 1979. Features include a 30-foot clear height and 17 docks. Great Lakes Ace Hardware sold the asset to an undisclosed buyer. Jon Savoy of Lee & Associates represented both parties in the transaction.
CHICAGO — Interra Realty has arranged the sale of two properties in Chicago for a total of $2.4 million in separate transactions. A 12-unit mixed-use property, located at 5355 W. Irving Park Road, sold for $1.5 million. Built in 1927, the property includes 10 two-bedroom/one-bathroom apartment units and two retail spaces leased to a barbershop and fitness studio. A 12-unit apartment building, located at 2854 N. Lowell Ave., sold for $975,000. Constructed in 1930, the building contains all one-bedroom units. Joe Smazal and James Clough of Interra represented both parties in the two transactions. Patrick Kennelly also assisted in brokering the sale of the property located at 2854 N. Lowell Ave. All parties in the transactions were undisclosed.
SCHAUMBURG, ILL. — The Boulder Group has arranged the sale of a single-tenant, net-leased retail property in Schaumburg for $2.2 million. The 4,500-square-foot building, located at 1430 E. Algonquin Road, is leased to Culver’s, a fast-casual restaurant chain, which has 15 years remaining on its lease. The property is positioned as an outparcel to an Aldi-anchored shopping center. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based developer. The buyer was a high-net-worth individual.
CHICAGO — Marcus & Millichap has brokered the sale of 7-Eleven Lincoln Park in Chicago. The 4,788-square-foot property sold for $1.4 million. The property is the retail component of a multi-story condo building that is located at 2020 N. Lincoln Park West Ave. Evan Lyons, George Ghattas and Kyle Stengle of Marcus & Millichap listed the property on behalf of the seller, a private investor. The buyer was undisclosed.